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Genworth & CMHC’s Homeowner Assistance Programs

January 14th, 2010 Leave a comment Go to comments

Relief for Homeowners During Difficult Times

 

Genworth Financial Canada has expanded its Homeowner Assistance Program to help

Canadians keep their homes when confronted with job loss or other life challenges such as a serious illness or marital separation.

The company works with homeowners and their lenders to find ways to bridge the gap between current circumstances and a long term solution.

Genworth has recently expanded its program to offer a new Homeowner Assistance

Evaluator, an online tool which prompts the homeowner to input details of their current situation. The Evaluator then provides potential solutions that can be discussed with their lender or a Homeowner Assistance Specialist to determine the best course of preventative action.

Homeowners are encouraged to be as proactive as possible when faced with a financial hardship as no one benefits from a mortgage in default. When it comes to prevention strategies, there’s no substitute for being educated and knowing all of your options.

The Homeowner Assistance Program is an integral part of every Genworth-insured mortgage, and is available at no additional cost.

 

CMHC’s Guide to Dealing with Mortgage Payment Difficulties

 

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include:

Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur. Offering a temporary short-term payment deferral. Additionally, extending the original repayment period (amortization) in order to lower your monthly mortgage payments may be an option.  Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period, or offering a special payment arrangement unique to your particular financial situation.

CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.

 

For more information on getting help with your mortgage payments please call Verico Designer Mortgages Inc at 1-866-824-8057.

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